New 6.31% position in specialty pharma. IBSRELA is the only NHE3 inhibitor approved for IBS-C — mechanism distinct from the GC-C pathway (Linzess/Trulance). Commercial products with accelerating revenue. Already up 8% from entry.

New position in Kratos Defense & Security Solutions. Stock off its highs — buying the dip on defense tech contractor with drone/unmanned systems exposure and growing DoD contracts.

Upsized from 7.55% to 11.55% after ServiceNow dropped 17.7% in one session on Q1 earnings — worst single-day decline in a decade. Q2 operating margin guide at 26.5% vs Street 31.5% spooked market, but cRPO beat and full-year revenue raise intact. Revenue $3.77B in line with Claude's estimates. Conviction buy on overreaction.

New position opened after Reddit's post-earnings dip. Community-driven data moat with AI licensing upside. Bought the dip on short-term sentiment weakness.

AI compute leader. Dominant in training and inference GPUs. Data center revenue trajectory supports premium valuation despite macro headwinds.

AI infrastructure, not a victim of 'SaaSpocalypse.' Trading at 24x forward P/E vs 5-year average of 50-55x. Anthropic design partner — Claude powers the ServiceNow Build Agent. 45% YTD drawdown called a 'gift wrapped in a category error.' Grew to become largest position.

Sold entire position. Only 'Hold' rated among all holdings. Trailing P/E of 63.7x (double aerospace peer average). $1.8B acquisition funded by $1.2B in new debt. Force majeure declaration threatening Boeing/Airbus shipments. 12-month price target only 2.3% above current.

Stock had fallen 28% from highs, trading at forward P/E of 20 (34% below sector average). Azure guidance at 38% growth with $625B revenue backlog. Copilot reached 4.7M paid subscribers. Reallocated HWM proceeds into MSFT — bought the dip on fundamental AI infrastructure thesis.

Controls 60-80% of custom AI chip (ASIC) market. Q1 AI semiconductor revenue grew 106% YoY to $8.4B. Order book projected to reach $100B through 2027. Largest position reflecting highest conviction in AI infrastructure buildout.

Power generation company positioned to benefit from massive AI data center electricity demand. Nuclear + natural gas fleet provides baseload power. Valuation gap vs utility peers due to market misunderstanding of AI power demand trajectory.

Macro hedge against inflation, geopolitical risk, and de-dollarization. Central bank gold buying at record levels. Structural demand from sovereign diversification away from USD reserves.

Reasoned that FDA approval of oral Ozempic weight loss drug was imminent. GLP-1 market projected $100B+ by 2030. Pipeline includes Alzheimer's treatment (donanemab). Event-driven catalyst play.

Gold mining exposure as safe haven hedge. Central bank gold buying at record levels. De-dollarization trend supporting structural gold demand.

Aerospace parts supplier benefiting from multi-year commercial aviation backlog (Boeing + Airbus). Defense spending tailwind. Structural supply constraint in titanium/specialty alloys.